One of the biggest questions I get is; “I have health insurance. Why would I need supplemental coverage?” That is a great question. When it comes to health insurance, a lot of people will have deductibles – sometimes it is deductibles and co-pays, and sometimes it is a large deductible.
The concern is what happens when you have a heart attack or cancer or an accident? Usually, the answer to that question is that you will have high out-of-pocket costs. Many of these kinds of things won’t get covered until you’ve met your high deductible. This is where supplemental coverage can come in.
There are a couple of different supplemental coverage companies I represent. But basically, supplemental coverage is cash paid directly to you. If you have a major event, such as a cancer diagnosis, critical illness, a heart attack, or a stroke; or if you’re in a car accident, or your kids have accidents, playing sports, or just doing crazy kid things. Those things are very expensive. You could even potentially be out of work with some of these things. Do you have disability coverage? If you don’t, these supplemental coverages act in a way like disability coverage, because they are paying cash directly to you.
The supplemental coverage company does not tell you how to spend the cash. The cash is yours to put in your pocket and use it any way you see fit. You can help use that money to help pay doctors and hospitals. But if you’ve read my previous blogs, you’ll know that before you start using that money to pay the hospitals, we’re going to negotiate to get that bill down first. No matter what health insurance plan you have, it’s not going to cover your salary, if you’re out of work due to the incident. It’s not going to give you benefits to pay your car or your house payment, or the electric bill or to buy groceries. It will not do any of these things.
I strongly recommend for my clients who have supplemental coverage is let’s send in the itemization, get the money and use that money for your everyday expenses. I know you’re going to end up needing to pay the doctor and hospital some money. But what’s important is that you’re not stressing about the day-to-day living that you need to do -feeding the kids, putting groceries on the table, keeping the lights on. You don’t want them to come and take your car, or worse be evicted from your home.
Supplemental coverage policies are affordable. Hopefully, through my help, I’ve just saved you a ton of money on your health insurance premiums. And now you have a little bit of extra cash to make our coverage more robust. And that’s part of the whole plan of what I do. If I can save you money on health insurance, then you’ve got more cash available yes to do more fun things, but also to fill in those gaps on your coverages and really bring peace of mind to you and your family. Wouldn’t it be great to have life insurance in case something happened to you or a cancer plan or critical illness plan? Those coverages are very important.
If you’re interested in discussing which exact coverage options are helpful and available for you and your family, don’t hesitate to schedule an appointment with me on my website.